If you have reached the grand old age of 50 — or even a few years beyond — you’ve probably had a moment of clarity about your financial future. Perhaps you’ve taken stock of your retirement nest egg and found it a bit wanting.

If so, don’t panic! There is plenty of time to build a kitty for your golden years that will grow into a few hundred thousand dollars of savings — or even more.

Following are six ways to boost your savings efforts so you can retire with a greater sense of security.

Take advantage of the retirement catch-up provision

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Uncle Sam wants to add a little extra rocket fuel to your retirement savings efforts. If you are 50 or older, you can take advantage of “catch-up” provisions in the tax code that allow you to contribute more to your retirement accounts.

For example, if you have a 401(k) plan, you can contribute an extra $6,000 per year once you turn 50. If you have an IRA — Roth or traditional — you can add an extra $1,000 to your contribution.

These bigger contribution limits can make a huge difference over time. The amount the government allows you to contribute to these retirement vehicles generally increases as the years roll on. However, for the sake of clarity, let’s say 401(k) contributions are capped at the 2019 levels for the next 15 years: $19,000 annually, with another $6,000 for those who are 50 and older.

Contribute the maximum of $19,000 over 15 years — ages 50 to 65 — and a 7 percent annual return would net you more than $477,000, according to computations on the U.S. Securities and Exchange Commission compound interest calculator.

Contribute the maximum plus the extra $6,000 for 15 years, and you’d end up with more than $628,000.

Max out on your employer match

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We’ve already talked about the huge benefit of contributing the maximum to your 401(k) plan. But even if you can’t contribute that much, at least make sure you are stuffing enough into your 401(k) to get the employer match.

You’ve probably heard it a million times, but this really is free money. Typically, companies will match a percentage of your salary — perhaps 2.5 percent — at something like 50 cents on the dollar. So, if you make $50,000, that’s an extra $625 toward retirement each year that you get for doing nothing but saving a bit more.

And many companies offer matches that are even more generous than the one outlined above.

Open a self-employed 401(k)

We live in the age of the “gig economy,” where millions of workers earn a living as freelancers or contractors. Millions of other workers own small businesses, many of which are one-person shops.

Fortunately, working on your own does not preclude you from opening a 401(k) account. Entrepreneurs and solo workers can open a self-employed 401(k) account, more commonly known as a solo 401(k).

These accounts allow you to add massive amounts of money into your retirement savings every year. For example, you can make the same $19,000 in employee salary deferral contributions as any other employee. But in addition, you can make a profit-sharing contribution of up to 25 percent of compensation, to a maximum of $56,000 in 2019.

If you are self-employed, the solo 401(k) might be the single best way to supersize your nest egg.

Become a landlord

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Investing in real estate long has been a staple strategy for people of modest means to retire in relative comfort. One of the best ways to grow your income is to purchase a rental home or duplex and let your tenants pay down the mortgage over a number of years.

Yes, owning rental properties is fraught with risk. You have to screen tenants carefully to make sure you don’t end up with a trouble-maker. And even if you do all of your due diligence, things can still go wrong.

But life as a landlord is one way to make money without actually having to work for it day in and day out.

And here is a bonus tip for people who really want to pad their bottom line: When you sell a rental, you have to pay capital gains tax on the profit — unless you have lived in the property for two of the five years prior to selling the unit.

So, if you can stomach it, move into the property for a couple of years before selling. This could save you tens of thousands of dollars in taxes.

Get a side gig

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By the time you are 50, you’ve accumulated a lot of wisdom and smarts, both personally and professionally. While the Big 5-0 might be a bit too early to retire, it’s not too early to begin planning your golden years.

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Chris Kissell

I am the founder of Words At Work, LLC, a writing, editing and consulting company based in Colorado. In the past, I worked as senior editor at Bankrate and senior managing editor ... More

I am the founder of Words At Work, LLC, a writing, editing and consulting company based in Colorado. In the past, I worked as senior editor at Bankrate and senior managing editor at Insurance.com. I've also written for and worked closely with U.S. News & World Report, GOBankingRates, CreditCards.com, QuinStreet and many other websites and publications.
I've lived in Minneapolis (too cold), South Florida (too hot) and Denver (just right).